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Sovereign Exploration Associates International, Inc. Announces Reverse Stock Split to Improve Value by Positioning for Long Term Growth and Investor Value NEWTOWN, PA.--(BUSINESS WIRE)—January 16, 2006 - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA) announces a one-for-one, one thousand reverse (1:1000) stock split effective 9:00AM Eastern time, January 17, 2006. Effective January 17, 2006, Sovereign Exploration Associates International, Inc.’s trading symbol will be changed to OTCBB: SVXA. “This reverse stock split represents the next milestone in SVXA’s overall plan to achieve maximum shareholder value,” stated Robert Baca, CEO of SVXA. “On October 17, 2005, the Company completed a stock exchange agreement with CALI Holdings to position Sovereign Exploration Associates International, Inc. as a publicly traded company. The agreement requires that management execute a reverse split as part of the term of that agreement as stated in the 8-K dated October 17, 2005. We believe the new share price after the reverse split will improve the Company’s position in the financial markets, and enhance its ability to attract individual and institutional investors to fund the expansion of the Company’s multiple recovery operations.” Management has analyzed similar companies in the market, and feels the reverse split will allow for a more accurate market value of SVXA. Monies invested in SVXA will be primarily spent on recovering lost cargo, not searching for it. When compared to the market capitalization of comparable companies searching for potential wreck sites, management recognizes that SVXA has tremendous unrealized upside value, having already located 12 valuable ship wreck sites. Curtis Sprouse, COO, further states “The reverse stock split paves the way for our Company to ultimately apply for listing on the American Stock Exchange (AMEX), and which will allow management to pursue more favorable funding mechanisms.” Each 1000 shares of SVXA common stock outstanding and held by each stockholder of the Company immediately prior to the effective time shall be reclassified and combined into one share of common stock automatically and without action by the holder. No fractional shares of common stock shall be issued as a result of such reclassification. In lieu of any fractional shares to which the stockholder would otherwise be entitled, the Company shall round up to the next highest share number. Following the reverse spit, the number of shares of Common Stock issued and outstanding will decrease to approximately 26,200,000. |
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| aus der Diskussion: | SOVEREIGN EXP. Totalverlust oder die Chance schlechthin ? |
| Autor (Datum des Eintrages): | Andreito (07.02.06 22:34:21) |
| Beitrag: | 32 von 65 (ID:20090238) |
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